Citi Survey Finds Women Feel Financial Stress, But Optimistic About Future

A new nationwide survey released by Citi revealed that women across all economic sectors believe that their personal financial situations have deteriorated over the past year and that the majority (65 percent) have permanently changed their spending and saving habits in response to the recession. According to the data, key findings include:

• Thirty-eight percent of women say they are worse off financially compared to one year ago, including women with household incomes of at least $100,000 (29 percent) and women with at least $250,000 in assets excluding real estate and retirement (39 percent).
• The large majority of women across all annual family income levels rate the economy as only fair to poor, including 79 percent of women with less than $50,000 in income, 70 percent of women with a family income of more than $100,000, and 73 percent of women with more than $250,000 in assets.
• Three in five (63 percent) women believe that the country’s economic conditions will deteriorate further before things hit bottom, a similar assessment as men (61 percent).

“We know that women are a critical barometer for the U.S. economy because they drive the majority of household spending decisions and increasingly manage how their families invest,” said Lisa Caputo, chairman and CEO of Citi’s Women & Co., a financial resource from Citi dedicated to helping women achieve their financial goals. “This new data reveals this is a transformational recession for women who are particularly feeling the effects of the economic downturn and tightening their purse strings and protecting their lairs.”  

Although just one in five (21 percent) women believe that we have reached the end of the recession, women across all categories expressed optimism that circumstances will improve over the next 12 months. Nearly three in five women (58 percent) expect that business conditions in their area will become much or somewhat better over the next year, a sentiment shared by 57 percent of men surveyed.  “Although we cannot understate the impact of today’s challenging economic climate on women and their lives, it is encouraging to see some rays of light at the end of the tunnel,” said Ms. Caputo, who is also Executive Vice President of Citi Global Marketing and Corporate Affairs and member of Citi’s Senior Leadership Committee. “Citi is deeply committed to addressing the concerns of women and dedicated to providing the tools and services that women can use to build their financial knowledge and create strategies for themselves and their families. A survey like this gives us a deeper understanding of our clients’ needs and aspirations as we work with them to help them achieve their financial goals.”

Boomer Women Still Willing To Pay For Beauty

Fifty-nine percent (59%) of baby boomer women say they are willing to pay more for higher quality ingredients in beauty products, even in the current economic environment. This insight is one of the many garnered from a new survey on beauty products conducted by VibrantNation.com.  The survey was presented to Vibrant Nation’s more than 60,000 members, e-newsletter subscribers, Facebook fans and Twitter followers.  In terms of purchase location, more boomer women are buying beauty products online than in department stores. While drugstores remain the place where women over 50 are buying most of their beauty products, the internet has quickly become the second most common source of beauty products.

• 33% buy most of their beauty products in drugstores
• 28% purchase online
• 23% purchase in department stores
• 16% purchase in beauty stores

“Ingredients do matter,” said Stephen Reily, VibrantNation.com founder and CEO. “This influential and fast-growing boomer demographic, who we’ve termed ‘Vibrant Women,’ pays attention to the fine print and pays up for quality: 36% said they would pay more for hypoallergenic products, and a similar number (33%) said the same for products containing antioxidants.”  So what products are deemed the biggest beauty investment or extravagance for women over 50? More than 60% said anti-aging moisturizer is their biggest beauty investment:

• 61% anti-aging moisturizer
• 40% foundation/concealer/cover-up/color makeup
• 2% botox/fillers/lasers
• 2% plastic surgery

According to VibrantNation.com senior strategist Carol Orsborn, “Vibrant Women represent the healthiest, wealthiest, most educated generation of women in history, yet their real strengths and interests are generally ignored in the marketplace – by the beauty industry among others. When asked about the ‘lipstick index’ theory that women indulge in smaller luxuries, such as lipstick, when the economy goes down, rather than purchase more substantial luxury items like shoes, bags or clothes, 57% actually disagreed and said they are continuing to purchase luxury items. It is important for marketers finally to recognize the purchasing power this often over-looked and powerful demographic.”  Finally, plastic surgery is also on the minds of almost half of boomer women, whether they do it or not. 45% agreed that if money were not an issue, they would go under the knife to “soften” aging.

For Women, Life Events Trigger Car Purchases

For women, purchasing a car can often be triggered by major life events, particularly changes in employment and family, according to a recent survey conducted for CarMax, Inc. Sixty percent of women surveyed indicated that a change in their career, whether it was a new job (37 percent) or retirement (23 percent), would be most likely to initiate the purchase of a vehicle. However, for women between the ages of 18 and 34, forty-one percent responded more likely to purchase a car when they become pregnant or welcomed another child into the family, a similar percentage as those surveyed who chose “new job” in the same age group. “Many personal factors affect women shopping for a car,” said Donna Wassel, Southwest region vice president of CarMax. “Changes in family and employment create an opportunity to evaluate your current driving situation.” The survey was conducted by Ipsos Public Affairs on behalf of CarMax. The national sample consisted of more than 500 U.S. women, aged 18 and older who were interviewed online August 17 through August 19, 2009.

BRAUN® Markets to Women to Reach Men

BRAUN®, bodycruZer, said to be the world’s first all-in-one body groomer featuring Gillette® Fusion™ shaving technology, has teamed up with Emmanuelle Chriqui, of “Entourage,” to help launch a new women’s movement called the “bodycruZade” for well-groomed men. Recent Gillette surveys on male body grooming uncovered that only one-third of men age 24-34 shave, wax or trim below the neck but that 57 percent of men would change their body grooming habits if they received a negative reaction from their sexual partner. Other findings of the surveys included:

• Sixty-three percent of American women are turned on by a well-groomed chest.
• Sixty percent of men say one of the best reasons to bodygroom is to appear more attractive to a potential partner.
• More than half of all men surveyed feel most comfortable seeking body grooming advice from their significant other.

To help spread the word, Emmanuelle Chriqui is encouraging women everywhere to visit www.bodycruZade.com.  The bodycruZade movement is inspired by the launch of the new Braun bodycruZer with Gillette® Fusion™ shaving technology.  To launch the campaign, Chriqui is featured in an online video, which introduces the bodycruZade movement and encourages women to join the cause. In addition, the Braun bodycruZade website features a customizable video that allows women to send a message to their favorite guy praising his body grooming habits to reinforce the positive reactions a well-groomed man receives when he grooms below the neck.  Chriqui will post blog entries about bodygrooming on the website and women are encouraged to share their views on the topic by posting comments. Women are also invited to vote on the best entries of the “Mr. bodycruZade” contest — a contest that men can enter by posting a photo of their upper bodies to the site.

More Hosts Reinvention Convention in NYC, Announces 2010 Events in Washington, D.C. & Chicago

More magazine and editor-in-chief Lesley Jane Seymour hosted the third annual Reinvention Convention on October 5, bringing together 600 women interested in revitalizing their careers, finances, style and health. The 2009 Convention, held at Pier 60 in New York City, featured a Q&A with the day’s emcee, Mika Brzezinski of MSNBC’s ‘Morning Joe’, and Former First Lady Laura Bush, who discussed life after the White House. Mrs. Bush advised the current and future First Families that in order to weather the White House storm, “You have to know who you are before you get there. You can’t let that noise out there bother you.” Brzezinski agreed that that’s also the key to successful reinvention.

Also, Nora and Delia Ephron, writers of the recently debuted Off-Broadway play, ‘Love, Loss and What I Wore’, gave an entertaining keynote panel highlighting some of their own worst fashion mistakes, sisterhood and the their perspective on women’s connections to their purses. Seymour remarked, “At More, we consider reinvention a natural, even a necessary, part of women’s lives. For each of us, it is part of the evolution toward becoming a productive interesting, connected human being who contributes to society and the world.” She continued, “It is part of being the kind of women we all are – who just when everyone else is winding down, is winding up!” More also announced it will take the Reinvention Convention on the road for the first time with events in Washington, D.C. and Chicago during the spring of 2010. Sponsors included Wells Fargo, Talbots, Toyota, Sex & A Healthier You, Giorgio Armani Cosmetics and media partner The Wall Street Journal.

Get Married Magazine Combines Print and Online Experience

The bridal magazine category is getting a new title to add to its growing list of publications. Get Married Media – a tri-media wedding resource – has recently launched Get Married magazine, a new shopping and trend guide for brides-to-be. By partnering with some of the best brands in the bridal business, and making nearly 80 percent of the magazine products available in its online wedding shop (shop.getmarried.com), Get Married is able to streamline brides’ wedding planning and shopping experience. Complimenting the print medium, Get Married magazine is currently available free online as an active flipper (www.getmarried.com/magazine/view/), where links are provided for every product. In addition, Get Married magazine is said to be the first national bridal publication to use the cutting-edge Microsoft Tag on its pages, enabling brides to connect instantly to websites, videos, images and information directly on web-enabled mobile devices. The Microsoft Tags offer brides instant entertainment with quick, easy and convenient connection to rich content, while enhancing print advertisements’ effectiveness and ability to track campaign success, adding value for print advertisers that want accurate measurement and impressions. Get Married created videos to offer more information on selected pages, truly bringing pages to life. “Get Married magazine is as smart as it is fun, and the response has been tremendously positive from brides, advertisers and wedding professionals. By creating a user-friendly tool that offers choices and guidance on an array of the latest wedding products and trends, we make it easy for brides to simultaneously plan and shop,” said Stacie Francombe, founder and president of Get Married Media. “Brides are smart, they are passionate, they like to discover, and they enjoy instant information, and Get Married magazine and getmarried.com afford them the luxury of immediate gratification – it’s a girl’s dream.” The wedding magazine includes editorial features on real brides, wedding professionals and experts, as well as an array of inspiring challenges, trend round-ups, product profiles, shopping guides and informative articles. To support brides during the economic times and to expand its footprint, Get Married is giving the first issue of its magazine for free, offering brides a unique opportunity to experience the new publication. Subsequent quarterly issues will be on newsstands beginning January 2010. Annual subscriptions (4 issues) are available at $14.96.

Aetna Addresses Needs of Women Business Owners

According to the Small Business Administration, there are 9.1 million women owned businesses in the U.S., employing 27.5 million people and contributing $3.6 trillion to the economy. Aetna, an Associate Sponsor for M2W®-HC™…The Conference For Marketing Healthcare to Women, understands the unique needs of this growing business segment and in response has developed a robust resource to help women business owners manage the health of their business, the well-being of their employees and their personal life. The website, www.aetnawomenatwork.com, features pertinent information, videos, events, education courses, and more, to help women balance their often dual roles as business and family caregivers and decision-makers.  “Female leadership of companies is changing how businesses are organized, managed and insured,” said Mary Claire Bonner, head of Local and Regional Business, a combined organization that includes Aetna Small and Middle Market Business. “Our work with women-led companies has taught us that the idea of communities – places where different people come together to share interests, goals, and values – is central to their success. This is how we have developed the benefit plans and tools needed to serve the health and well-being of companies led by women.”  The site content is built around three core areas: Healthy Business, Healthy Family, Healthy Life — three themes that resonate with women business leaders regardless of their industry.  “We understand the unique challenges facing women led businesses, and small businesses in general,” said Bonner. “Aetnawomenatwork.com is another tangible example of our commitment to developing health and wellness solutions that deliver real value to this business segment.”

Take Part in New WomanWise Survey: How Current Economic Situation Affects Women’s Shopping Behavior

One year ago, WomanWise, a hybrid consultancy-agency specializing in marketing brands to women and Hospitality Sponsor for M2W®-HC™, created a survey to get a pulse on how the economic situation affected women’s shopping behavior. They are now repeating the survey to see what’s changed, if anything, over the past year. They are looking for as many women as possible to complete this short survey by the end of next week and will send a link to the results if you complete the survey and include an email address (they will never share your contact information with any third parties). The survey can be found at:  http://www.surveymonkey.com/s.aspx?sm=JHxPiXlChxZF_2fg_2bTmNE3Bw_3d_3d.

Study Finds Young Women More Likely to Manage a Couple’s Finances

When it comes to money and marriage, young women are more likely to know about and manage a couple’s finances. According to a new national survey by FindLaw.com (http://www.findlaw.com), married women between the ages of 18 and 34 are the most likely among married people to play a significant role in managing the couple’s finances, and less likely to squabble with their spouses about money.  “We found that younger women, in many ways, are the most money-savvy among married couples,” said Stephanie Rahlfs, an attorney and editor with FindLaw.com. “We sought to understand how couples manage their money, how much they fight about money, and how much they know about their financial situation. Younger women are the most likely – among men or women of all ages – to take on responsibility for understanding and managing the household finances, and do it without fighting about money issues.”  Some key findings:

• Younger women are more likely to manage the household finances by themselves, rather than letting their spouses handle it or managing the money together. Thirty-seven percent of young married women say they handle all the household finances, compared with only 30 percent of young married men.
• Younger women are less likely to fight about money with their spouses. The survey found that while “Money” is the No. 1 issue most married couples fight about, younger women are more likely to fight about their partner’s bad habits than money. In fact, money is tied for third with issues involving relatives and in-laws, after bad habits and having or raising children.
• Who knows the most about their spouse’s finances when they get married? Whether it’s income, debts, net worth, retirement savings or even credit score, most younger women knew the details about their spouse’s finances before they got married. By contrast, less than half of younger men say they knew their wife’s net worth, retirement savings or credit score before they got married.

“Money and marriage are inevitably intertwined,” said Rahlfs. “Property rights, joint responsibilities and obligations, and legal benefits are as much a part of marriage as vows and wedding rings. How much couples know about their finances and how they decide to manage their money are important issues as couples go through their married life together. Whether married or about to get married, couples should understand the legal and financial aspects of marriage.”  The FindLaw.com survey was conducted using a demographically balanced telephone survey of 1,000 American adults and has a margin of error of plus-or-minus three percent.

Lee National Denim Day Raises $4-$5 Million for Breast Cancer Research

On October 2nd, An estimated 800,000 people nationwide put on their jeans with Christina Applegate to celebrate Lee National Denim Day, each donating at least $5 to help raise crucial funds for the fight against breast cancer. The event has been one of the largest single-day fundraisers for breast cancer, and this year raised an estimated $4-$5 million for promising breast cancer research funded by the Women’s Cancer Programs of the Entertainment Industry Foundation (EIF), bringing the 14-year total to nearly $80 million. Net proceeds from Lee National Denim Day will fund Lee Laboratories nationwide to find more effective, less toxic breast cancer treatments, develop a blood test for earlier detection of breast cancer when survival rates are highest, help the National Breast Cancer Coalition create online and print resources about breast cancer, and train additional advocates to educate patients and their families about new clinical trials. As announced from the stage of the 2009 M2W®-The Marketing To Women Conference, leading the effort was actress Christina Applegate, who also served as the program’s ambassador in 2003 in honor of her mother, a breast cancer survivor, and returned after being diagnosed with early stage breast cancer herself in 2008. Applegate shared her personal story to raise awareness and motivate others to participate in this simple, yet powerful fundraising event. As the lead ambassador, Applegate’s own foundation, Right Action for Women, will also receive a portion of funds raised this year to help high-risk women get appropriately screened for breast cancer. “The Women’s Cancer Programs of EIF was created in an effort to bring together some of the very best scientists and institutions in the country to collaborate on groundbreaking research projects,” said Lisa Paulsen, president and CEO of EIF. “We are so grateful to Lee Jeans for its enormous commitment to this annual fundraiser, and our dedicated ambassador Christina for giving so much of her time to bring attention to this important program.” While groups nationwide celebrated Denim Day in their hometowns, Applegate joined Lee Jeans in Kansas City for a public celebration to reveal the money raised and present the check to the Women’s Cancer Programs of EIF. “It’s so heartwarming to hear the stories about people participating in Denim Day for loved ones they’ve lost, people who are currently fighting, or those who join simply because they want to make a difference,” said Liz Cahill, director of marketing and communications at Lee Jeans. “At Lee, we couldn’t be more proud of this program that brings people together each year and really proves there’s power in numbers.” The official Lee National Denim Day may have been held today, but it’s not too late to plan your own Denim Day. Registration is still open on Denimday.com and donations will be accepted through December 31, 2009 for this year’s campaign.